The New York-based holding company provides communications, information and entertainment products and services through its subsidiaries.
About 2 million of New York state residents with Verizon landlines were overcharged $1,000 to $1,500 each over the last few years, according to the New Networks Institute, the New York Post reported.
The group said the extra charges were wrongly diverted to building Verizon's mobile and Fios fiber-optic networks and on corporate expenses, the Post added.
The claims come as New York's Public Service Commission starts an investigation into whether the company takes appropriate care of its copper-wire network.
Verizon said it will cooperate with the state probe, but denied the New Networks Institute's allegations of overcharging, the Post noted.
At least one "dog of the Dow" is performing well in 2016; Verizon was at the top of my list at the end of last year.
The high yield on this telecom stock was too good to pass up for many, and the stock has been on a tear since bottoming in January. Verizon is up well over 15% year to date -- a marvelous performance for the first quarter of the year.
The chart shows a bit of corrective action last week, but holding above the 20 moving average (dotted line) was key. Stocks don't go up everyday forever, and Friday's strong price bar on good volume was telling this pullback is likely over.
They say the best stocks are nearly impossible to get into, and the %R on the bottom of the page proves that out.
Overbought for a couple of months, and it only pulled back maybe once for a chance to get on board. Volume has swelled too, while relative strength is impressive. This stock could resume its uptrend here.
Want more like this from Chris Versace and Bob Lang BEFORE your stock moves? Learn more about Trifecta Stocks.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of A+ on the stock.
This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks rated.
The company's strengths can be seen in multiple areas, such as its compelling growth in net income, revenue growth, notable return on equity, expanding profit margins and solid stock price performance.
The team believes its strengths outweigh the fact that the company has had generally high debt management risk by most measures that were evaluated.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: VZ